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Currently, XRP is trading within a range, and the market is quiet due to the holiday period. There hasn’t been any significant breakout in price yet. The key question now is whether XRP will experience a price surge after the holiday season ends. At the time of writing, XRP is down by more than two percent and is trading at $2.25.
Potential Triangle Pattern Developing
At present, XRP could be forming a triangle pattern, which typically signals a period of consolidation before a breakout. However, it’s important to note that triangles are not always reliable and this pattern doesn’t seem to be fully formed just yet. It’s essential to be cautious as the pattern could evolve into something different, and a clear breakout may still be some time away.
XRP’s Price Could Go In Two Directions
Upward Breakout Scenario: A breakout to the upside remains possible, but at this stage, the triangle doesn’t seem fully developed. If the correction is to complete, it may need more time, either through a continued D-wave in the triangle or through a downward move.
If the market stays above the recent support level of around $1.94-$1.95, XRP could potentially move higher, targeting the $2.59 level, which would be a significant milestone in the pattern.
Downside Risk: If XRP fails to break higher and instead breaks below the $1.94-$1.95 support, the price could fall to lower support levels. Key levels to watch on the downside include $1.80, $1.63, and $1.53. The $1.40 region is particularly important, as it aligns with a common retracement target for corrective phases.
Conclusion
XRP’s price action is at a critical point. While a breakout could still happen, the triangle pattern is not yet fully complete, and there are several potential corrective scenarios to consider.